Metal Chrome Market Report Overview
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The global metal chrome market size was valued at USD 489.6 million in 2022. As per our research, the market is expected to reach USD 740.17 million by 2031, exhibiting a CAGR expansion of 4.7% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the Metal Chrome Market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Metal chrome has a silver-gray appearance and a high melting point. It is corrosion-resistant, meaning it does not easily react with air or water, which makes it suitable for various applications where resistance to oxidation or corrosion is required. Metal chrome, also known as chromium metal, is a chemical element with the symbol Cr and atomic number 24. One of the primary uses of metal chrome is as an alloying agent. It is commonly added to other metals, such as steel, to impart desirable properties. For example, stainless steel, which is widely used in construction, automotive, and kitchenware, contains chromium to enhance its corrosion resistance.
Metal chrome is used in a wide range of industries. Its primary applications include stainless steel production, plating and surface treatment, refractory materials, aerospace components, and chemical manufacturing. The demand from these industries significantly impacts the metal chrome market. The metal chrome market has witnessed moderate growth over the years, driven by increasing demand from industries such as automotive, aerospace, construction, and chemical manufacturing.
COVID-19 Impact: Market Faced a Recession Due to Fall in Construction Activities during the Pandemic
There was no single sector unaffected by COVID-19. The Metal Chrome Markets were affected as well. The COVID-19 pandemic did affect the Metal Chrome Market. The construction industry, which is a significant consumer of metal chrome, was impacted by the pandemic. Lockdowns and social distancing measures led to delays and disruptions in construction projects, which could have affected the demand for metal chrome in this sector.
Latest Trends
"Production of Environmental Friendly products to Increase Sales"
The Metal Chrome market is as dynamic as any other market. In the market, there is everyday development to add more benefits to it. Recently, there was a growing demand for metal chrome which fits in the environmental regulations and sustainability initiatives. There is increasing focus on the reduction of hexavalent chromium, a toxic form of chromium, in the production processes. The industry has been working on developing alternative technologies and processes to minimize environmental impact and comply with stricter regulations.
Metal Chrome Market Segmentation
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- By Type Analysis
According to type, the market can be segmented into lump metal chrome & powder metal chrome.
In terms of services, the powder metal chrome is the largest segment, as it holds the maximum share of the market.
- By Application Analysis
Based on application, the market can be divided into alloy, aerospace and defense, electronics and welding material, and others.
Driving Factors
"The Increase in Demand of Stainless Steel Has Increased the Demand in the Market"
Stainless steel is the primary driver of the metal chrome market. The increasing demand for stainless steel in industries such as construction, automotive, aerospace, and consumer goods fuels the demand for metal chrome as an essential alloying element. Stainless steel's corrosion resistance, durability, and aesthetic appeal contribute to its wide range of applications and drive the growth of the metal chrome market. This has led to a positive impact on the Metal Chrome Market growth.
"Continuous Infrastructure and Industrial Advancements Influence the Demand in the Market"
Infrastructure development, including construction projects such as bridges, buildings, and transportation systems, has a significant impact on the metal chrome market. As countries invest in infrastructure upgrades and expansion, the demand for stainless steel and, subsequently, metal chrome increases. Rapid urbanization, population growth, and economic development are key drivers of infrastructure projects worldwide. The growth of various industries, such as automotive, aerospace, energy, and consumer goods, directly influences the metal chrome market. These industries use stainless steel extensively for manufacturing components and products. Increasing industrial production and expanding manufacturing activities drive the demand for stainless steel and, consequently, metal chrome.
Restraining Factors
"Safety Regulations Can Lead to a Declining Trend in the Market "
The handling and processing of metal chrome and chromium compounds require adherence to strict occupational health and safety regulations. Exposure to certain forms of chromium, such as hexavalent chromium, can have adverse health effects on workers. Compliance with these regulations can add operational costs and impact the overall profitability of metal chrome producers and users. As a consequence, there will be a declining trend in the Metal Chrome market.
Metal Chrome Market Regional Insights
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"North-America Region Dominates the Market Due to Presence Reserves of Chromite "
The North American region holds the dominant Metal Chrome Market share in the global market. This is because of various factors. One of the primary factors is that this region is home of vast reserves of chromite ore and has a well-established mining industry. The countries in this region have witnessed industrial growth and infrastructure development which have contributed to its dominance in the metal chrome market. Additionally, these countries have well-established stainless steel industries and consume a significant amount of metal chrome.
Key Industry Players
"Key Players Focus On Customer Engagement and Maintaining Dafety Standards "
Metal chrome market players actively analyze market trends, monitor customer needs, and engage with their customers to understand their requirements. They conduct market research, participate in industry events, and build relationships with key stakeholders to stay competitive and provide tailored solutions to their customers. Key players in the metal chrome market prioritize compliance with environmental regulations and occupational health and safety standards. They implement measures to minimize environmental impacts, reduce the use of toxic substances, and ensure the safety and well-being of their employees.
List of Market Players Profile
- Delachaux (DCX Chrome) (France)
- CITIC Metal (China)
- Klyuchevsky
- AMG Superalloys
- Novotroitsk(Russia)
- JFE Material (Japan)
- GfE
- Kohsei
- Exotech
- Industrial Metallurgical Holding (Polema)
- Shanxi Sirui New Materials
Report Coverage
The report brings together extensive research on the qualitative and quantitative factors affecting the market. It gives an overall macro and micro view of the online reputation service industry. This research profiles a report with extensive studies on the online reputation management services market that describe the firms affecting the forecasting period. Detailed studies also offer a comprehensive analysis by inspecting factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc.
Furthermore, the post-COVID-19 pandemic’s effect on international market restrictions and a deep understanding of how the industry will recover and strategies are also stated in the report. Finally, the competitive landscape has also been examined in detail to provide clarification of the competitive landscape.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 489.6 Million in 2022 |
Market Size Value By |
US$ 740.17 Million by 2031 |
Growth Rate |
CAGR of 4.7% from 2022 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value are the global Hair brush straightener industries expected to touch by 2031?
The global Metal Chrome industry is expected to touch USD 740.17 million by 2031.
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What CAGR is the Metal Chrome industry expected to exhibit during 2022-2031?
The global Metal Chrome industry is expected to exhibit a CAGR of 4.7% over 2022-2031.
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What are the factors which help in pushing the market?
The increase in demand of stainless teel and continuos infrastructure and industrial advancements are the driving factors of the market.
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Which are the key players or most dominating companies functioning in the market?
Delachaux (DCX Chrome), CITIC Metal, Klyuchevsky, AMG Superalloys, Novotroitsk, JFE Material, GfE, Kohsei, Exotech, Industrial Metallurgical Holding (Polema), and Shanxi Sirui New Materials, are the top companies operating in the market.
